In the outside markets, the crude oil is $0.59 per barrel higher, the dollar is lower, and the Dow Jones Industrials are 9 points higher.

Mike

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At mid-session:

The Dec. corn futures are trading 10 cents lower at $3.53.

Nov. soybean futures are trading 17 3/4 cents lower at $10.14.

Dec. wheat futures are 17 3/4 cents lower at $5.37.

Dec. soymeal futures are trading $11.10 per short lower at $348.90. The Dec. soyoil futures are $0.31 lower at $31.81.

In the outside markets, the crude oil is $0.32 per barrel higher, the dollar is lower, and the Dow Jones Industrials are 30 points higher.

Susan Mortensen, Advantage Ag, says that the new crop estimates are sitting on this market.

"I think market reaction, today, is definitely due to the big crop estimate from Intl FCStone. Those were big numbers for every state, not just one or two. Then the crop conditions come into play, as traders don’t see any reason to make yields smaller. Although I have not been concerned about frost, some have been--maybe that factor has been reduced. Many have been commenting that the market may not make a big move until after the October report. But it is hard to ignore a 4.0 billion bushel bean crop, for example, and so there has been new selling and new lows.We wonder if there are still old crop corn issues to work through (farmers that have DP corn for example) and logistics issues that are still slowing down the system."

Mike

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In early trading:

At 9:40am:

The Dec. corn futures are trading 7 1/2 cents lower at $3.56.

Nov. soybean futures are trading 16 1/2 cents lower at $10.15.

Dec. wheat futures are 11 cents lower at $5.44.

Dec. soymeal futures are trading $10.00 per short lower at $350.00. The Dec. soyoil futures are $0.07 lower at $32.05.

In the outside markets, the crude oil is $0.24 per barrel higher, the dollar is lower, and the Dow Jones Industrials are 51 points higher.

Corn closed around 11 cents lower across the board today and beans closed 12 cents lower on the November futures month. While wheat was over 19 cents lower on the December board today. Crop condition scores last night were better than expected and helped knock the market lower today.

We were able to find new contract lows for December corn today as industry yield guesses have remained higher than the USDA numbers. We did some damage on the technical side but will likely trade sideways until we get to the crop report next Thursday. Wheat was mostly a follower today as we saw some of the funds cut and run on their long positions today. With no frost scare in sight for now it will be hard to see a big rally until the crop report comes out next week.

60% of the time, it works every time.

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